Zilliqa (ZIL) rebound could mark a new upward movement

There is support at $ 0.0175 and resistance at $ 0.0243.

Long term technical indicators are bullish / neutral

The ZIL / BTC pair is moving between the support at 142 satoshis and resistance at 225 satoshis.

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The course Zilliqa (QYou) regained a significant support area and should continue to rise, as long as it stays above this support.

The ZIL has been falling since Oct. 11 when the price closed at a local high of $ 0.0306 on June 11. After peaking below $ 0.028 on August 11, price resumed its downward movement to a low of $ 0.012 on September 21.

The price is currently moving above the $ 0.0177 area, which has alternately served as support and resistance. Since the beginning of October, the price has validated this area three times as support.

Technical indicators are neutral, with a bullish lean. Crypto Profit, RSI and Stochastic Oscillator are positive, but their slope has started to recover.

If the price goes up, the closest resistance will be at $ 0.0243

The longer-term weekly chart gives us a similar view, although the range is wider, going from $ 0.0138 to $ 0.267. As of this writing, price has rebounded above $ 0.0138 creating a bullish recovery Japanese candlestick.

Reading the technical indicators is also found to be similar to reading the daily timescale. The RSI is above 50 and the Stochastic Oscillator has generated a bullish cross, but the slope of the latter has also turned negative, and the rise in the RSI is lacking in strength.

That said, as long as the price moves above the $ 0.0138 support, the most plausible scenario would be a rally to the $ 0.0267 resistance.

Cryptocurrency trader @TheEWguy pointed to a ZIL chart, saying he sees it as a possible developing bullish momentum.

Since the previous summit on August 11, it looks like the course has supplemented typical ABC training (in black below). Waves A: C present an exact ratio of 1: 1. In addition, there are clearly five underlined sub-divisions in wave C (in blue).

In this case, the price started a new bullish impulse following the low on September 21.